P&G, Billie bid adieu to planned acquisition
Procter & Gamble will no longer be acquiring women’s personal care brand Billie.
“We were disappointed by the FTC’s decision and maintain there was exciting potential in combining Billie with P&G to better serve more consumers around the world. However, after due consideration, we have mutually agreed that it is in both companies’ best interests not to engage in a prolonged legal challenge, but instead to terminate our agreement and refocus our resources on other business priorities,” the companies said in a joint statement.
In its filing, the FTC stated that while Billie sold razors for women at a reasonable price, P&G was a market leader in the sale of all wet shave razors, according to the report.
“Billie is a direct-to-consumer company whose advertising targets customers who are tired of paying more for comparable razors,” Ian Conner, director of the FTC’s Bureau of Competition, said in a statement. “The FTC voted to challenge this merger because it would have eliminated dynamic competition from Billie.”
Instead of filing any other actions, both companies have agreed to put an end to the acquisition.